France adds Bermuda, Jersey, and the BVI to list of non-cooperative states and territories

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European Tax Newsalert

The French government recently updated its ‘black list’ of jurisdictions (so-called non-cooperative states and territories, or NCSTs) that do not apply international standards with respect to exchanges of tax information. France added Bermuda, Jersey, and the British Virgin Islands (BVI) to its black list, while removing the Philippines. These changes are effective retroactively to January 1, 2013.

Transactions involving NCSTs are subject to stringent French tax measures that are designed to discourage transactions involving NCSTs.